The Cement Finance JSC (CFC) recently announced it will change its name to the Tin Viet Finance JSC (VietCredit) and adopt a suitable new brand identity, marking a turning point in the company’s comprehensive strategy of focusing on developing the consumer finance business.

Participating in a consumer finance market in Vietnam marked by the convergence of high-speed internet, cloud computing, and big data, VietCredit is built on 4.0 framework architecture that creates a competitive advantage in providing convenient consumer financial products at a reasonable cost for the customer.

It believes that investing in technology at a regional and international level is the solution to optimizing its operational and risk management models and creating financial products while further promoting the healthy development of the market in Vietnam.

With a vision of becoming a leading financial company in Vietnam based on modern technology, over the past year VietCredit has implemented a comprehensive system with support and coordination from leading financial technology companies such as SAS (US), Nucleus (India), and BPC (Switzerland).

It expects its recently-launched VietCredit loan card will prove to be convenient financial solution that meets spending demand among Vietnamese consumers. The loan card offers customers advantages such as borrowing or repaying continuously within the credit limit for 36 months without having to repeat procedures for loan disbursement. Customers can easily use 24/7 withdrawals at more than 15,000 ATMs nationwide and can also repay their loans before maturity without being subject to any fees.

To provide transparent and reliable financial services and to be always dedicated to serving clients, VietCredit pays special attention to the training of its staff, in the belief that financial services provided by a dedicated team will win the trust and long-term commitment of customers.

It has a network of 51 service points in supermarkets and major shopping centers in 12 cities and provinces around the country.

Vietnam’s consumer finance market has seen robust growth over the last five years, given the country’s young population and rising incomes together with a greater willingness to borrow and easier accessibility to loans. According to figures from the National Financial Supervision Commission (NFSC), the market has grown five-fold since standing at $10 billion in 2012. Growth in 2016 and 2017 was 50.2 per cent and 65 per cent, respectively.

The consumer credit sector is expected to continue growing at a stable 30 per cent a year in the 2018-2020 period, according to Mr. Bernard Lapointe, Head of Research at Viet Dragon Securities.